Illinois § 402
Full text of Illinois Illinois Compiled Statutes § 402, with citation guidance and answers to common questions.
§ 402.
Requirements for creation. (a) A trust is created only if: (1) the settlor or other person creating the trust has capacity to create a trust; (2) the settlor or other person creating the trust indicates an intention to create the trust; (3) the trust has a definite beneficiary or is: (A) a charitable trust; (B) a trust for the care of an animal, as provided in Section 408; or (C) a trust for a noncharitable purpose, as provided in Section 409; (4) the trustee has duties to perform; and (5) the same person is not the sole trustee and sole beneficiary. (b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities. (c) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred. (Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)
Frequently Asked Questions About Illinois § 402
What does Illinois Compiled Statutes § 402 cover?
Section 402 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 402?
A common citation format is "Illinois Compiled Statutes § 402" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.